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GAAP ( Generally Accepted Accounting Principles Principle of continuity( -hen stating financial information, one should ): assume that

the business
will interrupted. This mitigates the principle of prudence( assets accounting do not haveused to be GAAP isnot the be term used to refer toprinciple the standard framework of guidelines for financial in any given jurisdiction accounted at their disposable value, but it is accepted that they are at their historical value $see depreciation and going concern %. A common set of accounting concepts, standards, and procedures by which financial statements are prepared. Principle of periodicity( .ach accounting entry should be allocated to a given period, and split The rules used to calculate and report information in the financial statements. accordingly if it covers several periods. &f a client pre"pays a subscription $or lease, etc.%, the given GAAP is the should Americanized used to time"span refer to the standard framework of guidelines for financial revenue be split term to the entire and not counted for entirely on the date of the accounting used in any given jurisdiction which are generally known as Accounting tandards. GAAP transaction. includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial Principle of !ull /isclosure'0ateriality( All information and values pertaining to the financial !inancial accounting is information that mustin be assembled position of a business must be disclosed the records. and reported objectively. Third"parties who must rely on such information have a right to be assured that the data are free from bias and inconsistency, whether deliberate or not. !or this reason, financial accounting relies on certain standards or guides that are called #Generally Accepted Accounting Principles# $GAAP%. Principle of 1tmost Good !aith( All the information regarding to the firm should be disclosed to Principles derive from tradition, such as the concept of matching. &n any report of financial statements the insurer before the insurance policy is taken. $audit, compilation, review, etc.%, the preparer'auditor must indicate to the reader whether or not the . contained within the statements complies with GAAP. information Principle of regularity( )egularity can be defined as conformity to enforced rules and laws. Principle of consistency( This principle states that when a business has once fi*ed a method for the accounting treatment of an item, it will enter all similar items that follow in e*actly the same way. Principle of sincerity( According to this principle, the accounting unit should reflect in good faith the reality of the company+s financial status. Principle of the permanence of methods( This principle aims at allowing the coherence and comparison of the financial information published by the company. Principle of non"compensation( ,ne should show the full details of the financial information and not seek to compensate a debt with an asset, a revenue with an e*pense, etc. $see conservatism % Principle of prudence( This principle aims at showing the reality #as is# ( one should not try to make things look prettier than they are. Typically, a revenue should be recorded only when it is certain and a provision should be entered for an e*pense which is probable . convention of

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